RBI PROPOSED TO INCREASE  IMPS TRANSACTIONS TO ₹5 LAKH FROM ₹ 2 LAKH

• In view of the importance of the “Immediate Payment Service (IMPS) system in the processing of domestic payment transactions, it is proposed to increase the per-transaction limit from ₹2 lakh (existing) to ₹5 lakh (new proposed limit) for channels other than SMS and IVRS. 

• “Immediate Payment Service (IMPS) offers instant domestic funds transfer facility 24x7 through various channels.

• This will lead to further increase in digital payments and will provide an additional facility to customers for making digital payments beyond ₹2 lakh.

• The per-transaction limit for SMS and IVRS channels is ₹5000.

• Meanwhile, in order to ensure wider availability of payments acceptance (PA) through point of sale (PoS) terminals and quick response (QR) codes, the RBI has proposed to introduce a framework for leveraging geo-tagging technology to target areas with deficient PA infrastructure.

• In a bid to promote payments through digital means, the government has been taking a number of initiatives to make payments systems like IMPS attractive.

Source: Media News / TOI / Live Mint etc.

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